Petromar SA, Petroleos del Peru's offshore unit, is seeking specialists to help quantify its reserves and evaluate installations and operations in a first step toward privatization.
Earlier attempts to form a joint venture with international companies failed after the companies estimated production costs at $18/bbl. Petromar operations also need an infusion of about $30-50 million in fresh capital. Petromar production has fallen to 14,300 b/d from about 27,000 b/d in 1986 when it was created to take over assets expropriated from Belco Petroleum Corp.
Funds from sale of assets would go toward paying $184.8 million Peru has agreed to pay Belco insurers American International Group and Belco parent Enron Corp.
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